Warranty and indemnity claims notifications in Europe, the Middle East and Africa increased almost four-fold in 2018, compared to the figure in 2016, correlating with the increasing demand for W&I insurance by buyers and sellers to protect deals.
Carlyle Group-backed Sedgwick has acquired Nordic Loss Adjusting (NLA) as it looks to expand its offering in the region.
German insurance powerhouse Allianz saw operating profit fall 5 percent to Eur1.4bn ($1.55bn) in its property and casualty business in the second quarter of 2019, driven by a lower investment result while underwriting remained stable.
Generali Group generated an operating profit of Eur 2.72bn ($3.0bn) in the first half of 2019, marking a 7.6 percent increase on the same period last year, following a positive result across all business segments and the sale of its discontinued operations.
Lloyd’s broker SSL Endeavour has snapped up SSL’s Greek office to launch SSL Endeavour Cyprus & Greece, pending regulatory approval.
Zurich-headquartered carrier Swiss Re has appointed Urs Baertschi to the role of CEO reinsurance EMEA as well as regional president and member of the group executive committee.
Direct non-life insurers regulated by the Swiss Financial Market Supervisory Authority (Finma) have booked a combined annual profit of CHF 6.75bn ($6.81bn), up 26.4 percent compared to 2017.
HDI Global Specialty SE – the insurance heavyweight created from the merging of the specialty lines activities of Hannover Re and HDI Global SE – has purchased 76.5 percent of the shares in Swedish MGA Svedea AB.
Axa XL has promoted Paul-Henri Rastoul to chief underwriting officer of XL Insurance Company SE (XLICSE), the insurance company platform for XL Group within Europe and Asia.
Expansive managing general agency Ryan Specialty Group is to open an office in Barcelona as it continues to build out its transactional risk business.
Covea and Groupama are expected to be some of the hardest hit at the primary level following the devastating storm damage last month which caused widespread damage to fruit farmers in the Auvergne-Rhone-Alps region, the ‘orchard of France’, The Insurer understands.
Italian insurance giant Assicurazioni Generali has reached a deal to buy Portuguese insurer Seguradoras Unidas and service company AdvanceCare from US private equity fund Apollo Global Management for a total of Eur600mn ($675mn).
The UK’s Financial Services Compensation Scheme (FSCS) has agreed a deal to secure replacement cover for bankrupt Danish insurer Alpha Insurance’s policyholders with a new, solvent insurer.
As bond yields decline to record lows and the prospect of near-term interest rate rises recedes, low rates that show no sign of rising are once again the key credit risk for European insurers in 2019/20, according to Moody’s.
Aon has pegged insured losses stemming from two outbreaks of severe weather across Europe in June at up to $1.39bn.
Swiss insurance giant Zurich has promoted former Group chief risk officer Alison Martin to take up the role of EMEA CEO and head of bank distribution, following the shock resignation of Amanda Blanc last week.
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Andreas Krause as country manager for Germany, as the carrier relocates its national headquarters from Düsseldorf to a new office in Cologne.
CCR Re, the open market reinsurance arm of French state-owned carrier Caisse Centrale de Réassurance (CCR), has named Olivier Collignon senior underwriter.
Korean Re Switzerland, the Zurich headquartered operations of Korean Re, has received a local currency long-term issuer credit and financial strength ratings of ‘A’ from S&P Global Ratings.
Alleghany’s reinsurance arm Transatlantic Reinsurance has received all necessary regulatory approvals to re-domicile its TransRe Zurich subsidiary to Luxembourg, renaming the arm TransRe Europe S.A.